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Revlon Inc. is realigning, cutting about 250 jobs to trim annual costs by $10 million. The beauty firm will leave an owned manufacturing facility in France and a leased facility in Maryland, shifting the work to its other factories and third parties. Revlon is also “rightsizing” its French and Italian units and consolidating Latin American and Canada into a single operating region.
The company will take charges of about $25 million in the third quarter to cover $19 million in employee-related costs and $6 million in other costs and asset write-offs. A total of $9 million will be saved under the program in 2013.
“Over the past three years we have successfully executed our strategy and are delivering on our strategic goal of profitably growing our business,” said Alan Ennis, president and chief executive officer. “These actions will enable us to continue to invest in the execution of our strategy while maintaining highly competitive margins.”
Shares of Revlon were down 1.4 percent to $13.01 in midmorning trading on Wall Street.